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EARNINGS PER SHARE
6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

13. EARNINGS PER SHARE

Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares outstanding attributable to stock awards and incremental shares related to the Forward Sale Agreements, and excluding weighted shares outstanding for which the results would have been anti-dilutive. See Note 10 “Stockholder’s Equity” in Part I, Item I of this Quarterly Report for more information on the Forward Sale Agreements.

The following table presents basic and diluted EPS calculations for the three and six months ended June 30, (dollars in thousands except per share data):

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2025

2024

2025

2024

Net Income

Net Income

$

19,791

$

25,161

$

69,610

$

74,930

Less: Preferred Stock Dividends

2,967

2,967

5,934

5,934

Net income available to common shareholders

$

16,824

$

22,194

$

63,676

$

68,996

Weighted average shares outstanding, basic

 

141,680

 

89,768

 

115,596

 

82,483

Dilutive effect of stock awards and forward equity sale agreements

 

58

 

 

461

 

Weighted average shares outstanding, diluted

 

141,738

 

89,768

 

116,057

 

82,483

Earnings per common share, basic

$

0.12

$

0.25

$

0.55

$

0.84

Earnings per common share, diluted

$

0.12

$

0.25

$

0.55

$

0.84